Token of liquidity protocol, designed for the cross-chain exchange of the cryptocurrency, while maintaining full control over the assets. One of the solutions provided by THORChain to this case is swap mechanics unswayed by spread availability or order book flow. RUNE is a utility token of the THORChain ecosystem and is used by the community to control the development of the blockchain. To participate as a node, participants are required to purchase a RUNE token from CEX or DEX and then freeze assets on the platform.
THORChain was launched by receiving funding through the Binance DEX competition in July 2019. A single-chain network was launched later on, in April 2021; followed by a multichain upgrade in April 2021; with the Main net going live in June 2022. The governance system of THORChair counts as DAO, since no CEO, founder, or board of directors is present in the public field. Development and code changes are organized via GitLab code management software.